HomeBusinessVolvo Cars January sales tumble as chip shortage lingers

Volvo Cars January sales tumble as chip shortage lingers

STOCKHOLM :Volvo Car Group’s sales fell 20.2per cent in January below strain from the worldwide element shortage, although demand for its merchandise remained sturdy, the automaker stated on Wednesday.

Volvo, which has been closely impacted by sector-wide supply-chain constraints and semiconductor shortages, warned final yr that the chip shortage would proceed into 2022.

The Sweden-based firm stated that whereas manufacturing had continued to enhance steadily, retail deliveries have been held again “due to an increase of cars in transit”.

“The supply situation continues to ease, but component shortages will remain a constraining factor for Volvo Cars and the auto industry,” Volvo stated in a press release.

Global sales on the automobile producer fell to 47,561 automobiles in January, with sales in Europe dropping 24.8per cent whereas they fell 12.8per cent within the United States.

Volvo, which is majority owned by China’s Geely Holding, listed on Nasdaq Stockholm in October after wrapping up Europe’s greatest preliminary public providing of the yr.

It is because of publish fourth-quarter outcomes on Feb. 11.

(Reporting by Helena Soderpalm; Editing by Johan Ahlander and Niklas Pollard)

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